In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
A consumable such as food or cash can be designated as Waqf. The Hanafi jurist Ibn Abidin states:
“Cash is only benefited from by consumption; therefore, its equivalent value will be considered as the replacement of the original Waqf cash. This is because cash is not specified [generally in Islamic law]. In addition, cash is from the moveable assets which now has customary practice and thus it qualifies as a valid Waqf asset as outlined by Imam Muhammad. [An example of a consumable asset as Waqf is as follows] It is permissible to give wheat as Waqf to the needy who can plant these grains and grow wheat for themselves. Thereafter, they can return the equivalent amount back as the Waqf asset which can be lent out to others. This can be a recurring process.” [Hashiyah ibn Abidin]
And Allah Alone Knows Best
Mufti Faraz Adam,
I Waqf Shariah Advisor